For remittance received in the first half of 2016, the average physician practice took 29 days to have a claim accepted by the payer and had an 14.9% denial rate.*
With each additional day it takes an organization to generate a claim, money is left on the table and every time a claim is denied, your practice is at risk to lose more revenue.
Take control of your revenue cycle management with comparative healthcare analytics. A simple dashboard view can help your business transform the revenue cycle process.
When you have the tools to analyze and benchmark your revenue cycle data in one place, you will be able to:
- Reduce time spent searching for data and reasons for claim denials
- Organize data the way you want to see it, based on your role
- Highlight opportunities in minutes with intuitive revenue cycle analytics
- Create benchmarks based on state and national comparison data
- Prioritize improvement initiatives based on maximum ROI
Reap the benefits of healthcare comparative data and revenue cycle solutions.
Ask yourself these critical questions so you can set KPIs and benchmark yourself against your peers, by specialty, both state and nationally. Here are a few questions to start with:
- Are you getting more denials from a specific payer?
- Is your staff’s productivity better or worse than others?
- Do you know which payers are taking longer to pay you?
- Are your coding practices making you an outlier and subject to audit risks?
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